Growing Ecosystem at Kyber: Insights and Directions

Transcript

so a third speaker is Denis OMA from Cyprus and can I welcome you in stage he is a tech evangelist at Qyburn network and he will be talking to us about the growth trends from a liquidator protocols perspective thank you so much hi everyone so my name is Dennis Omer and I'm the tech evangelist for khyber Network so some of you might know khyber network has a decentralized exchange but it's actually so much more than that we're integrated into so many different wallets and exchanges decentralized financial applications in gaming and you

might think well what sky we're doing in all these different kind of applications and I'll just give you a few use cases we're basically allowing any application that needs a value exchange to do it through swapping almost seamlessly so if you're a wallet and you're an end-user usually you'd have to send your tokens to to a different exchange right if you want to swap from one token to another you'd have to send it to by Nance for example you'd have to send well wait for wait for confirmation put an order wait for that order to execute before you can then withdraw when you integrate with khyber you can just do it seamlessly within the wallet you just press a

button and that's it you've converted it if your merchant events organized a real estate platform you know when you're receiving tokens as payment for something you've sold for example you can receive that in stable coins without having to worry about oh I've received 20 different tokens I don't have to manage that liquidity so you can receive stable coin like diet through USD regardless of what you know the user has paid in and vice-versa if you're the user and you want to pay something now you don't have to worry about oh do I need to pay and die do I need to pay and eath you just send whatever is in your whole wallet and you like khyber do that exchange and the merchant receives it as a stable point

and if you adapt there's different use cases where you might be using this swapping functionality if you're a fund you might say well I want 40% eath I want 40% die and 20% bad for example in my in my portfolio and with one press of a button you can just let that happen regardless of what volatility has taken place over the month this lets you kind of rebalance with one click and you're done for define apps you know we talk about collateralization and over-over collateralization and if you do get liquidated you might want to exit to a position that's specific to what you need you might want to exit to

die if you had eat for example so so this gives you the functionality to just convert into whatever token you want but the end result is because we're integrating to so many different apps we kind of have a bird's eye view of what's happening in this base with all these integrations we can see which of these areas are expanding and which of these areas maybe aren't showing that much momentum growth and that's what my talk is about today just to share with you some insights that we're seeing in this space and if you look at the biggest largest group over there is wallets with 21 and it's not really surprising because wallets are the primary tools with which we control our assets so it's

it's kind of like a natural extension having this in-app conversion that I showed before it's almost like a natural extension to those wallets capabilities and when you think about it how does a wallet convert using khyber there's two different ways so one way is to just do a direct integration with the on chain smart contract or use an API and then another one is just accessing khyber providing a basically a web through environment like a browser that accesses khyber swap and I mean just know we don't include those that browser just because it's that browser in our stats unless there is some kind of volume coming through and if you see the last 30 day william going through the khyber

smart contracts you'll see that wallets make up quite a large portion of those of that volume coming in i'm token which is like the largest wallet is the second largest token swapping entity on khyber after khyber swap itself engine trust mu and if we look at the trends over time we're seeing that since we integrated we're seeing quite a bit of growth I mean this is just the last quarter but we can see a doubling or tripling of numbers sometimes we're thinking well why is this happening we don't have access to the off chain data like how many times Wallace were downloaded but we think it's correlated with what's what's been happening in that space as well because

we know when it comes to wallets there's there's huge competition between all the different wallets to exclude competition to grab that market share so we know for example well if you look at the three four most popular wallets we know that for example engine wallet somehow managed to get itself onto the Samsung Galaxy phones you know that's huge exposure or if we see I'm token introduced hardware wallets introduced biometric verification ERC 7:21 support my turn Wallet introduced of Frampton from crypto to Fiat for KY seedless as well trust wallets introduced on ramping with credit card purchases so we're seeing well I'm born and well this is low we know like all the developments

happening there so we're pretty happy with what's happening in the wallet space and we're happy that it's actually reflecting in our own chain data as well you know Khyber hybrids being growing thanks in part to wallets the second category is defy products and this is another area that we're seeing huge growth in if you guys have seen the defy Paul's stats number of ether locked-up has grown exponentially I think it's right now it's like half a billion dollars worth of ether is locked up in the in these contracts waiting to be used as collateral and to be loaned out we're also seeing yeah a number of defied apps have exploded as you can see this is the space this is back in 2017

the seeds were planted for all these depths and finally we're seeing them go into production and we're seeing quite a bit of use quite a bit of interest around this area and I'm just gonna share two well actually I'll share three or two of these here well new landing for example is a noncustodial average margin trading app and what's crazy about it is it has 1.7 million locked up but they only released like six seven weeks ago so they've seen explosive growth and they're already in the top ten Khyber using apps right now and EA swapping incident this was created by the Jain brothers they won the East Bangalore hackathon and they've been building daps around maker and as you can see the trends that

that has been increasing over the last quarter as well and just the last example I'll get from defy is Eunice WAP I mean most of you might know how explosive that growth has been and how much is locked up in Eunice WAP and I like to give it as a good example of what happens when different permissionless products come together to create something that benefits both the end user and the projects and the ecosystem as a whole because unit swap is permissionless so we plugged all of units whoops liquidity into khyber Network which means that all those dozens of different apps integrate into khyber can now make use of unit swaps liquidity as well so for example if if a

trade needs to happen if a DAP needs to convert die to eat for example if Eunice walk provides the best price out of all the liquidity providers then Eunice what gets to fulfill that trade so users benefit because they're having access to a much larger pool of volume and therefore you know because there's price competition between all the different equality providers the price drops and you have tighter swaps and on the other hand Eunice will benefits because suddenly now it has access to every product that's integrated with khyber instead of just a unit swap interface you know servicing its users it now gets to benefit from you know being plugged into this ecosystem and Eunice web

actually gets 40% of its volume from Khyber's adapts and it's the second highest slick really provider for khyber so we're very happy to see this explosive growth in defy adapts as well and we're happy that this is reflecting in the data as well and here's just some stats I mean since since we integrated I think like two and a half months ago 15,000 trades for khyber have been fulfilled by Eunice watt and that equals to about twelve point nine million million dollars worth of worth of trades which is pretty impressive the third area the where we're seeing kind

of growth in growing momentum is with merchants and event payments because if we think about it being able to pay for conventional products with crypto is gonna be kind of a driver of adoption if we're saying these are all mediums of exchanges they're so easy to use we want to make that happen and we'd say that a theorem is kinda even though it's slow it's still kind of a viable 1.0 payment platform and we want to see khyber provide the liquidity in this platform and there's this kind of notion of you know this eating your own dog food where you where you use what you build and if you were at HCC for example you could have bought your tickets actually for ed

corn as well if you wanted to buy your tickets you could have paid with any any ERC 20 token in your hot wallet and the the conference organizers would have received it as dye so they don't have to worry about the volatility and you don't have to worry about you know what you're gonna pay in and we had almost we sold almost a hundred tickets for each cc I think the most popular ones as you can see is a thigh status and RCN again wise pass as well is if you're in Southeast Asia and you want to pay for a dinner or a cinema ticket you know with any ER 320 token in your wallet you can do that again with eat with with rap DS I don't know why people are using rap T's but

they're using it for payments as well and this is well and the last example is our really ugly Khyber shirts where again you can buy with with you know any token you want and that this is kind of a push we're going for where we want to be we want to make any token usable anywhere when you're buying something so ok when it comes to that usage I mentioned how within the wallet space we'll be saying doubling and tripling of usage in defy that's were you seeing huge increase of you know of locked up ease and merchant payments we're going for a push there but when it comes to DAP usage it's kind of a different picture it's uh we're not seeing much usage there the

numbers aren't really significant enough you know to kind of the stats aren't really visible there and it's kind of a shame but we're not we're not really worried right now because we know that it's a bit of a cliche but we say that the Crypt is like in the 1993 ero of the internet and it really is like that you know user interfaces are very very clunky the user experience is very slow so there isn't that much it's still early days I don't even know four at one point Oh but we're not seeing too much you know that usage within this space but I know that in a few years time in three four years time once we had layer two and if I'm giving the same stats again in like a couple of years time I'm

sure it's going to be a very very different picture I'm sure it's gonna be so much more positive than what it is today in the early days so I'll just sum up my speech real quick so we're seeing an increase in khyber usage and this is for the last six months and this increase is led by you know our wallets doubling and tripling increasing defy adapts well not only increasing defy that but the actual number is loaned and the actual number is locked inside so with that integration we're seeing those numbers reflect in our stats as well we're seeing increasing momentum in being able to pay for conventional products in crypto and that's another

exciting space and we're glad to see those numbers increasing gradually as well but we're not really seeing that usage and not just our smart contracts but but in general you know because I do I do a bit of business and work on integration with khyber as well at least we looked at hundreds and hundreds of apps but we're not really seeing the usage there but as I said we're not really worried about that because when we control these conferences we see what everyone is working on and we see how passionate people are and we see how smart people are so this is more of a short term I think one or two year problem before we do get that momentum for adoption thank you [Applause]

so thank you so much that's actually very interesting I just wanted to see it that your very last comment was that you think that in a year or two time you'll see mass adoption so what's the projected growth rate of do you think you'll seen decentralized exchanges I mean it's hard to tell I mean when it when it comes to dab specifically we don't know when there's gonna be that inflection point it could be something like like crypto Kitty's was almost like a breakout but then we need a couple more of these and they maybe have to be more serious or I know what needs to take place but one or three is just a hopeful prediction I'm just thinking at some point there is gonna be a breakout there is gonna be a dot that catches on there's gonna be more awareness maybe

it'll come with layer two maybe it'll come with we're not sure what but you know it's gonna happen so without putting you on the spot let's say what are the two things that need to sort of improve on what do people need to work on for that to to sort of grow I think one of them is kind of onboarding from the from the conventional world let's say to crypto so it's easy to actually just find yourself in an environment where you can use crypto without having to worry about having to backup seeds and where you gonna buy your crypto from we just need to make that as seamless as possible it's not a UX problem yeah pretty much a UX problem and then in terms of speed if you do need speed I guess there's there

is there two solutions that kind of can take that pain point off and that's gonna be another point thank you so much Dennis thank you [Applause]